Tuesday, June 19, 2012
Travers Smith advises Bridgepoint on Symington's secondary buy-out
A Travers Smith team led by corporate partner Helen Croke has advised Bridgepoint on the secondary buy-out of Symington´s Ltd ("Symington´s"), the convenience food manufacturer by management, supported by ICG. The Travers Smith team also included corporate associate William Young.
Symington´s and Intermediate Capital Group plc ("ICG") have partnered to support the management led buy-out, following a five year investment by Bridgepoint.
Symington’s is one of the UK’s long established food companies, dating back to 1827. It produces a wide range of convenience products under its own brands, under licence and for private label customers including Ragu, Chicken Tonight, Campbell’s, Ainsley Harriott, and Aunt Bessie’s.
Bridgepoint is a longstanding client of Travers Smith and provides funding to businesses headquartered in France, the Nordic region and the UK. Bridgepoint´s investment in Symington´s was managed by Bridgepoint Portfolio Services, a team that specialises in the management of independently funded private equity and corporate asset portfolios.
ICG is a specialist investment firm and asset manager providing mezzanine finance, leveraged credit and minority equity, managing over €11 billion of assets in proprietary capital and third party funds. ICG operates from offices in London, Paris, Madrid, Stockholm, Frankfurt, Amsterdam, Hong Kong, Sydney and New York and is listed on the London Stock Exchange.
Symington´s management team was advised by Walker Morris and ICG was advised by Berwin Leighton Paisner LLP.